{"id":19033,"date":"2025-03-25T17:47:44","date_gmt":"2025-03-25T17:47:44","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=19033"},"modified":"2025-03-25T17:47:44","modified_gmt":"2025-03-25T17:47:44","slug":"binance-identifies-movement-crypto-market-maker-that-dumped-38-million-move-tokens","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=19033","title":{"rendered":"Binance Identifies Movement Crypto Market Maker That Dumped $38 Million MOVE Tokens"},"content":{"rendered":"<div>\n<p>Binance has pinpointed a market maker for the MOVE token. The company claims it dumped 66 million tokens post-Movement launch, securing $38 million in profit as a result.<\/p>\n<p>Surprisingly, the Movement Network Foundation said that it was unaware of the market makers\u2019 activity. But the foundation will use the recovered funds for a buyback program named \u201cMovement Strategic Reserve.\u201d<\/p>\n<p>Once Binance made them aware of market maker\u2019s activity, the Movement Network Foundation claimed it cut all relationships with the entity. The foundation has since collaborated with Binance to recover the funds. Furthermore, the foundation has committed to using the funds to buy back MOVE from the public markets.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">NEW: BINANCE OFFBOARDED AND FORBID ANY FURTHER MARKET MAKING ACTIVITIES BY A MARKET MAKER OF THE PROJECT MOVEMENT (MOVE) ON BINANCE <a href=\"https:\/\/t.co\/r18MVpMUrS\" target=\"_blank\" rel=\"nofollow\">pic.twitter.com\/r18MVpMUrS<\/a><\/p>\n<p>\u2014 DEGEN NEWS (@DegenerateNews) <a href=\"https:\/\/twitter.com\/DegenerateNews\/status\/1904446430808281105?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">March 25, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Binance Plans To Keep The Markets Transparent, With $38 Million Freeze Of Movement Crypto Market Maker<\/h2>\n<p>Leading crypto exchange Binance identified a market maker for Movement crypto (MOVE) that allegedly dumped millions of tokens following launch. Binance has since frozen the market maker\u2019s profits.<\/p>\n<p>Binance released a <a class=\"general-link\" href=\"https:\/\/www.binance.com\/en\/support\/announcement\/detail\/478515187fab440fa80e56137c148a1b\" target=\"_blank\" rel=\"noopener nofollow\">statement<\/a> today (March 25), stating the actor was associated with another market maker it had off-boarded on March 9, forbidden from further activities on the platform due to misconduct.<\/p>\n<p>The crypto exchange claimed that one day after MOVE was listed on December 10, around 66 million MOVE tokens were sold by the market maker, with \u201clittle buy orders.\u201d The user made a net profit of 38 million USDT before being banned from Binance a week ago today, on March 18.<\/p>\n<p><strong>EXPLORE: <\/strong><a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/best-solana-meme-coins\/\" target=\"_blank\" rel=\"nofollow noopener\"><strong>Top Solana Meme Coins to Buy in March 2025\u00a0<\/strong><\/a><\/p>\n<p>In a rare win for crypto projects and investors, Binance said it had informed the Movement Labs and Movement Foundation teams of the irregularities with their market maker. Binance froze the proceeds \u201cfor the purpose of compensating users.\u201d<\/p>\n<p>Binance made it clear that a projects authorized market makers on its platform must place orders for both bid and ask. They must also ensure sufficient order size within the specified depth levels, maintain a healthy and stable spread for market activity and retain orders for a certain amount of time.<\/p>\n<p><strong>DISCOVER: <a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/news\/presales\/why-is-crypto-up-today-is-cronos-cro-the-best-crypto-to-buy\/\" target=\"_blank\" rel=\"noopener\">Why is Crypto Up Today? Is Cronos (CRO) The Best Crypto To Buy?<\/a><\/strong><\/p>\n<h2>Movement Network Foundation Respond To Binance\u2019s Asset Recovery Efforts<\/h2>\n<p>In its own statement, the Movement Network Foundation confirmed that Binance had informed it of an ongoing investigation into market-making activities involving MOVE on 11 March 2025.<\/p>\n<p>Distancing itself from the unsavoury activity, the foundation said, \u201cMovement Network Foundation and Movement Labs had absolutely no knowledge that this was happening.\u201d<\/p>\n<p>\u201cWe chose to work with this market maker as they had already supported projects in the Movement ecosystem,\u201d the company said.<\/p>\n<p>The MOVE team went on to thank Binance for its investigation. The foundation added that the market maker had acted against the project\u2019s wishes, without consent, and was in breach of its agreement that required it to provide liquidity on both sides of the MOVE\/USDT pair.<\/p>\n<p>Per the company statement, all proceeds will be used by the Movement Network Foundation to establish the \u201cMovement Strategic Reserve.\u201d It will act as a 38 million USDT buyback program to with the goal to \u201cpurchase MOVE for long-term use and to return the USDT liquidity to the Movement ecosystem.\u201d<\/p>\n<p>Working alongside Binance, the buyback program will take place over the next three months.<\/p>\n<p>On the back of this news, MOVE is up over 4% on the day, having processed $144 million in trading volume within the same time frame. Movement crypto was originally developed at Meta (formerly Facebook) by a team of people from Facebook\u2019s now-defunct \u2018Diem\u2019 stablecoin project.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-219146 size-full\" src=\"https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/03\/Screenshot-2025-03-25-at-12.57.58.png\" alt=\"The team behind Movement crypto (MOVE) plan to create a buyback program with the $38 million USDT recovered by Binance\" width=\"2308\" height=\"1033\" srcset=\"https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/03\/Screenshot-2025-03-25-at-12.57.58.png 2048w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/03\/Screenshot-2025-03-25-at-12.57.58-300x134.png 300w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/03\/Screenshot-2025-03-25-at-12.57.58-1024x458.png 1024w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/03\/Screenshot-2025-03-25-at-12.57.58-768x344.png 768w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/03\/Screenshot-2025-03-25-at-12.57.58-1536x687.png 1536w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2025\/03\/Screenshot-2025-03-25-at-12.57.58-50x22.png 50w\" sizes=\"auto, (max-width: 2308px) 100vw, 2308px\"><\/p>\n<p>(<a class=\"general-link\" href=\"https:\/\/www.coingecko.com\/en\/coins\/movement\" target=\"_blank\" rel=\"noopener nofollow\">COINGECKO<\/a>)<\/p>\n<p><a href=\"https:\/\/discord.gg\/B7Uk6agkqj\" target=\"_blank\" rel=\"nofollow noopener nofollow nofollow nofollow nofollow\"><b>Join The 99Bitcoins News Discord Here For The Latest Market Updates<\/b><\/a><\/p>\n<p class=\"p1\">\n<div class=\"nnbtc-key-takeaways\">\n<h3 class=\"nnbtc-key-takeaways__title\">Binance freeze $38 million USDT from Movement (MOVE) market maker that dumped tokens post-launch<\/h3>\n<p class=\"p1\">\n<ul class=\"nnbtc-key-takeaways__list\">\n<p class=\"p1\">\n<li class=\"nnbtc-key-takeaways__list-item\">\n         The market maker was found to be linked to a previously banned market maker by Binance     <\/li>\n<p class=\"p1\">\n<li class=\"nnbtc-key-takeaways__list-item\">\n         Movement have thanked Binance for the recovery of the funds and claim they had no knowledge of its market maker\u2019s activity     <\/li>\n<p class=\"p1\">\n<li class=\"nnbtc-key-takeaways__list-item\">\n         The Movement Network Foundation promise to use the funds to create a buyback program to enrich its ecosystem     <\/li>\n<p class=\"p1\">\n<\/ul>\n<p class=\"p1\">\n<\/div>\n<p>The post <a href=\"https:\/\/99bitcoins.com\/news\/binance-identifies-movement-crypto-market-maker-that-dumped-38-million-move-tokens\/\">Binance Identifies Movement Crypto Market Maker That Dumped $38 Million MOVE Tokens<\/a> appeared first on <a href=\"https:\/\/99bitcoins.com\/\">99Bitcoins<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Binance has pinpointed a market maker for the MOVE token. The company claims it dumped 66 million tokens post-Movement launch, securing $38 million in profit as a result. Surprisingly, the Movement Network Foundation said that it was unaware of the market makers\u2019 activity. But the foundation will use the recovered funds for a buyback program [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-19033","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/19033","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19033"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/19033\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19033"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19033"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19033"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}